White Paper #1
A Decentralized Business Networking Organization On a Blockchain
We are a Business-to-Business model first. If you cannot get small businesses to adopt a new technology, it is harder to get users to adopt a new idea. ICO’s do not get this. They focus on the consumer first and they neglect to service real business needs. This is a big mistake given so much social networking already in place. Essentially, it’s too hard to combat the consumer market with a glut of apps and large social networking platforms. Supporters of any new technology know that a Business-to-Business model has a far greater ROI (return on investment) than a Business-to-Consumer model. Meaning, it is easier to charge a business for a viable service than a consumer.
With that said, the number one problem with new ICO’s and crypto tokens is a technology that genuinely expands the user base. This is what everyone is looking for in a new ICO, something that creates a wider adoption of blockchain tokens into the market. For us, the best way to get more users to adopt a disruptive blockchain token is to first get businesses to adopt the new technology. Again, we do not sway from our focus. And here is why. When ICO’s service consumers only, this makes the technology more speculative and the crypto token subject to volatility. In order to attract a wide user base, we need to sacrifice speculative volatility and replace it with value-added benefits for business that can potentially convert to positive financial outcomes. This is the best way to appeal to businesses, less volatility and more sustainable value.
What you are about to read is the first of three white papers that offers a strategic approach to attracting a larger user adoption by first attracting businesses. In this paper, we talk about our first phase of our strategy, the business networking space.
Doug Casey, renowned investor, recently stated that “business networking” is his secret to success. It is no surprise that business networking is on the rise. But with no leader to take charge of the trend, the market is now ripe for a powerful vision supported by an even more disruptive technology. This paper will explain that vision. First, a little history on business networking is needed.
The best achievements in humanity stem from business owners organizing to build something together. From the Charter of Liberties to the Magna Carta and from the Iroquois Confederacy to the Declaration of Independence, all resulted when professional leaders organized to decentralize power. This is how influential business networking has played a roll in human history.
The first business networking organization in the United States was the Junto group. Founded by Benjamin Franklin. The Junto group met every Friday night to discuss morals, politics, and natural philosophy (science). They also created the first library and helped to improve citizens by the use of their institutions. Business networking organizations have never matched this first original model. Like the Great Pyramid, the blueprints of its original design were lost to the rise of service organizations, chambers of commerce and for-profit networking models.
For instance, in 1905 business owners in Chicago rotated from office to office to conduct networking meetings. This formed into Rotary. Within 20 years Rotary changed to a service organization and adopted the motto “service above self.” Rotary now has 1.2 million members in over 200 countries. In 1915 Kiwanis formed in Detroit as a business networking organization and many years later changed to a service organization with a motto, “serving children of the world.” It now has over 702,000 members. In 1917 Lions formed first as a business networking organization called The Business Circle and then latter changed into a pure service organization with a motto “we serve.” They now have 1.4 million members.
These organizations once attracted many but they are now struggling to retain their numbers. Why? They no longer network to build wealth. They once focused on building wealth in their businesses, which naturally converted into wealth in the community. Now they give service to others outside the community, often to those in foreign countries. When it comes to real impact for the most good, we have lost site of the conservation of value in our local markets. Let’s explain tis.
The widespread shift to more local solutions is not just a trend but a huge global movement. Just look at Brexit in the UK, the rising of nationalism in the United States, the growth of alternative health, the disruption of decentralized technologies on blockchains, and even Russia is choosing to remain independent from the European Union, or globalist intrusion. These are the effects of people wanting to retain consensus within their own countries and inside their own cultures. We can call this cultural libertarianism, people organizing under their united consent in headless and decentralized ways. The service organizations above have become top-heavy administrative bodies and they suffer from a lack of vocal consent and wealth kept locally to grow into more wealth.
Consider chambers of commerce. Just about every city or county has a chamber of commerce, and yet chambers are dying across the country, all because they put real business networking aside in favor of luncheons, lectures and costly administrative overhead. The chamber model is a hierarchy of political power that has forgotten the conservation of wealth in individual businesses and in communities. If there is one reason why local culture is less connected, it’s because of how we organize locally. Today we organize into political bodies of central power without concern for including a wider involved consent.
It is getting worse. We now have BNI, which is a franchise business networking organization with over 200,000 members. In the town where the first chapter of Local Common Wealth was founded, there are seven BNI chapters sending over $145,000 to a franchisee who lives outside the state. We also have for-profit CEO/Leadership services that sell retreats and training at huge costs. Both of these models rely on the fear of scarcity and they pull vital wealth and autonomy from the community. They are either based on passing referrals or passing phone numbers, and that’s it. This is a little better than chamber and service organizations, but they are not building anything together as in the first Junto group founded by Benjamin Franklin. They thrive on manufactured scarcity and disregard the conservation of value in their local markets, which is true abundance. In other words, they are not building wealth in common. Like the first Junto group that built libraries and post offices and more with their common consent, the true potential of a business network as a rising tide that lifts all ships has been lost.
Every time we organize into scarcity organizations fueled by political insecurity, we lose site of the real community potential. For example, the purpose of business networking is to build wealth first in individual member businesses, and second to build wealth in the organization itself. Wealth allows us to accomplish greater things. The problem is we never conserve that wealth in a closed system. Instead, it is syphoned off to outside entities or it is partitioned into capital accounts such as seen in many cooperative models. The long forgotten idea of a common wealth has been lost, a kind of wealth managed by the consent of all involved. Many may be asking, “what is a closed system?”
Imagine a balloon within a balloon. This is an example of a closed system. A larger balloon protects the helium within the smaller balloon. A community that protects value within its own system is a vibrant culture, like a mother protecting the unborn child. It is the most powerful form of decentralization there is, autonomous unity. The effect with this foundation is more abundance and less scarcity. If a community is not abundant, businesses suffer and devolve into a survival of the fittest attitude. Culture suffers. However, when small businesses begin to see how abundant their local wealth is, they will organize to stop the leaks from happening. In Frank Capra’s It’s a Wonderful Life, George Bailey (James Stewart) saves a town from collapse by making a huge sacrifice to keep the Bailey Savings and Loan open. He essentially stops a leak from happening, a leak that would have syphoned off all the wealth in the community to Mr. Potter, the local banker and slumlord.
The above example is not sentimentalism; it is real principle that Local Common Wealth chapters create. Managed entirely on a blockchain, we propose a decentralized organization of local networking chapters. A chapter will be able to organize immediately and the decentralized blockchain can manage all the facets of running a headless body while doing everything possible to help that body grow in wealth. So why a blockchain?
The use of a blockchain allows for greater transparency and trust in the management of Local Common Wealth chapters. Local Common Wealth is not an international organization with a new administrative hierarchy demanding fees. Organizing on the blockchain removes that typical model. Most important, member fees can stay local. After 100 years, the organizations above have no wealth to show for all their effort because they have forgotten the higher principle, which is to conserve wealth for the benefit of all those in their community. This is why Rotary, Kiwanis, and chambers are losing members. They are building the wrong culture. Too much central control inhibits their natural progress.
Local Common Wealth is different. Each chapter, which is comprised of up to six networking groups and up to 350 members in total, is decentralized and runs by common consent (like a micro republic). Common Wealth chapters have no political hierarchy to constantly centralize wealth and power to itself, which leads to social protectionism, corruption and bloated costs. Essentially, chapters are headless. Our motto is simple. “A rising tide lifts all ships.”
Second, groups meet twice a month to discuss relevant issues in business and community. They pass referrals and they pitch each other’s businesses. We do not allow members to sell or pitch/hawk their own businesses. We do that for each other.
Our first Local Common Wealth chapter, The Dixie Business Network, started meeting twice monthly. This chapter is an independent 501c3 organization. Other chapters can organize as a cooperative or a regular for-profit enterprise. It is entirely up to each chapter. In 2016 our first networking group passed over $160,000 in referrals with just a few members. In 2017 they passed just over $1,000,000 in business referrals. In this first group they have electricians, plumbers, contractors, insurance agents, nutritionists and more. The first chapter is growing, even despite the local competition, namely 7 BNI chapters, not to forget the local chamber, and two for-profit CEO leadership companies.
Essentially, the more value we conserve within the networking community, like in the first Junto group, the more wealth in common we create in local cultures, and this is a good thing.
Now, imagine having a successful Local Common Wealth chapter growing in your community? The next step is launching a very disruptive technology on a blockchain platform that can penetrate the entire community and turn the economy sideways.
Please see White Paper #2, which explains how we attract more users to a very disruptive blockchain technology that was first designed to service business networks and later incorporates everyone in the community.
Updated Oct 15, 2017
White Paper #2
WHITE PAPER #2
Regenerating Local Wealth and Local Voice with the Blockchain
At the heart of the blockchain revolution is the decentralization movement. From currencies to corporate structures, decentralized models are on the rise. This means more voice and more wealth locally, and this naturally means a renaissance is coming.
But how will this renaissance affect community organizations and local commerce? In other words, how can decentralization inspire local commerce to retain more of its own voice and more of its own wealth?
First, we must understand the problem locally before a solution can be realized. And the problem is the same as what we see on the global scale—too much centralized economic control over wealth and too much centralized political control over voice. Let’s look at the problem of too much centralized economic control first.
It is easy to point the finger at big banks for controlling the mortgages on communities, but what about interlocking corporations that own vast amounts of wealth in communities? For instance, just about every large town has a mall that is owned by a big conglomerate in another corporation outside the community. This means hundreds of thousands of dollars leave the community in monthly lease payments. And that’s not all. Just think of the billions in advertising dollars sent to Google and Facebook from all over the world. Communities are now pawns in a global siphoning of wealth that is centralized to one location?
Just like we see at the macro level, the same follows at the local level. At the macro level we see international banks controlling nation states. From debt that gives veto power that imposes harsh austerity measures, nations no longer have any voice over the destiny of their country, mainly because they have lost their wealth to debt owed to foreign interests. This means less voice and less wealth of their own. It is evident that the banks have gotten control of the two central foundations of a free society, wealth and free will. The same thing happens at the local level. Crony capitalism too often controls the free market by using the muscle that forces more regulations that favor bigger corporations. And what is crony capitalism? It is the centralization of wealth and political power. This is opposite of free enterprise, which is the creation of wealth and the decentralization of power.
Currently there is no model that protects wealth in the hands that create it, until now. For instance, conservation is the essence of protection. It is superior to centralization because conservation preserves both vote and voice within the people locally. This is how you protect wealth locally. Let us explain.
At Local Common Wealth, we advocate for a new paradigm that conserves wealth in the community that creates wealth. This is why a major part of who we are is a business networking organization. The only way this can be done is to not fight the established political system that favors cronyism, but to create a new model using the free market. In other words, people are free to organize. And Local Common Wealth offers a better way to organize as a business networking organization without any form of central control that usurps voice and wealth from the people.
We believe in the central tenant in the decentralization movement, which is the idea of consensus. If blockchains operate by consensus through mathematical design, then we are using consensus in order to bring more voice and wealth back to the community. In order to solve for too much centralized economic control over wealth as well as too much centralized political control over voice, a proper understanding of consensus is the key.
First, consensus protects two vital concepts closely tied to each other. Those two concepts are Voice and Vote, very much the same as a double-entry accounting that maintains the ledger of two sides in perfect balance. The decentralization movement cannot launch a renaissance without incorporating these two concepts. To help see the integral relationship of voice and vote, notice the difference between a Decentralized Consensus and a Centralized Control. Only in a Decentralized Consensus do we see both voice and vote kept together and in close proximity, meaning we do not vote without dialogue and we do not vote without discussion.
Imagine being given only a vote and yet you are never given a chance to ask questions, debate, or discuss. A vote only gives power to propagandists who work behind the scenes to manipulate the voice in order to control the vote. It is odd that when you study politics, most everyone is focused on making sure everyone has a vote and yet nobody ever talks about the voice. We have tossed the importance of voice aside and yet it is the key difference that sets the decentralization movement apart from the controlled opposition of centralized control.
In its pure form, democracy is discussion; it is voice. In its polluted form it is mob rule fueled by power centers working behind the scenes to sow discord and division in order to control the vote. When democracy becomes only a vote void of any discussion in modular form, the vision of consensus is lost.
The following is taken from the Local Common Wealth chapter constitution. This explains our consensus model introduced into our business networks and it is managed in like manner on the blockchain. At no time can any chapter alter this small section in a way that would separate voice from vote. Currently in operation with our first chapter, this is the central core logic of our business networks and the fastest and easiest way for a group to organize in a decentralized way. Please refer to our first white paper to understand why we apply this to business networking organizations first.
Down the line we can apply this technology to city planning commissions, alumni associations, clubs, groups, chambers and charity organizations.
VIII. GROUPS AND REPRESENTATION
- A Group is the first-level networking organization in a Chapter.
- There can never be more than six (6) Groups in a Chapter, but you can have many chapters in a community.
- It takes ten members working in unanimous consent to launch a new Group. Ideally, it takes three to build reach ten. It is not recommended any group lean on the efforts of just one person to build their group. Always start with three willing to work together.
- First ten members serve on the Chapter Council until there is a second Group.
- With each new Group, the number of representatives assigned on the council from each Group changes as the Chapter grows with more Groups.
- If there are just two Groups in the Chapter, each Group has five representatives on the Chapter Council.
- If there are four Groups, each Group has three representatives and so on.
- Representatives reduce immediately when new Groups are formed.
- Groups reduce representatives from the higher numbers first.
- The first ten members of a new Chapter are assigned a number from 1-10.
- For example, if there are five representatives for a Group, and if a third Group joins the Chapter, representatives in Groups 1-2 are released except for the first three representatives.
- When there are four Groups, all Groups are reduced to three representatives each.
- The term of service on the Chapter Council is set for two years, always beginning from the organization date of the Group, and ending either when released due to new Group creation in the Chapter, or when the two-year term ends, whichever comes first.
- Members on the Chapter Council can trade numbered positions if all current Group representatives agree by consent. This should be done before any new Group joins the larger Chapter.
- CONSENSUS IN GROUPS AND CHAPTERS
- In order to secure both Vote and Voice for each member, and in order to effectively reach 100% consent, there can never be more than seventeen (17) and never less than nine (9) on any council for both Groups and Chapters.
- This means when a Group reaches eighteen (18) members, two (2) councils in the Group are created and each council has one (1) representative on the Chapter Council.
- When a Group reaches thirty-five (35) members, three (3) councils in the Group are created, with each council having one (1) representative to serve on the Chapter Council who is select by 100% consent.
- There can never be more than fifty-one (51) members in a Group, thus giving three (3) councils with seventeen (17) members in each.
How do we know that decentralized consensus works? Consider the following major accomplishments in world history. Every single one of them happened because decentralized consensus and not centralized control was used to bring people together in a better way.
- The Charter of Liberties 1100 AD (1st concession for greater consent)
- The Magna Carta 1215 AD (precursor to the Declaration)
- The Declaration of Independence 1776 (55 delegates and all states consent)
- The United States Constitution 1788 (39 of 55 delegates and 3 states with unanimous consent. If we included the Bill of Rights at the start, it would have eclipsed the Declaration in becoming the one document with the greatest degree of consent)
- The Tennis Court Oath (Signed by 576 of 577 members in the 3rd estate in France)
- Iroquois Six Nation Confederacy (100% consent all from all tribes).
- Learning and Tongue of the Chaldeans (100% consensus through discussion)
- Washington’s City on a Hill (total unity, same as 100% consent)
When a common pool of wealth is put into this kind of structure, and when there are no administrative costs apart from simple bookkeeping, accounting, and legal needs, something unique happens. We find more discussion and a lot less political scheming for power and position. With the help of a blockchain and a digital token, we are freer. Leadership is natural and not politicized. Wealth is conserved and not stolen. Voice is widespread and not censored.
Thus far we have talked about using Business Networking as a way to open local markets to a decentralized blockchain technology. Here we talked about an actual social model in the decentralization movement.
Now comes an expansive technology that helps generate more local wealth by stopping the leaks exiting the community. In White Paper #3, we explain how we generate wealth for those networks through the use of the Common Wealth coin and how we back that coin with the right value while at the same time securing member privacy. There has never been a model like this in world history. A renaissance is coming and we are the rising tide.
Updated October 15, 2017
White Paper #3
Specific Applications Using a Blockchain
The widespread use of the blockchain is more disruptive as a new technology than a currency. How we plan to use a blockchain with associated crypto token is remarkable and very disruptive. Before we get to that, consider the disruptive potential of blockchain technology first before considering our disruptive approach. We need to emphasize the issue that many relate the blockchain with digital currency speculation and they fail to see the breakthrough opportunities blockchains offer. Here are some of the industries that will be disrupted by blockchain technology in the coming years:
- Banking and payments. Block chains will do to banking what the Internet did to media. The block chain banks the unbanked for very small fees, and they are faster and more efficient. According to IBM, 15% of banks will be using the blockchain by the end of 2017.
- Cyber security. Data is verified and secured using cryptography. Resistant to unauthorized changes and hacks, the block chain eliminates the need for a middleman.
- Supply chain management. Transactions are documented in a permanent decentralized record, and monitored securely and transparently. This can greatly reduce time, costs, labor, and waste, and it can help understand environmental impact of products. The block chain can also verify authenticity or fair trade status of products by tracking them from their origin. Companies like Provenance, Fluent, Skuchain, and Blockverify are working to improve supply chains.
- Forecasting. Block chains will change how we do research, consulting, analysis and forecasting. Companies like Augur are working to produce globally decentralized prediction technologies with block chains.
- Networking and the Internet of things. Samsung and IBM want to create a decentralized network of IOT devices using the blockchain. This eliminates the need for central locations to handle communications for IOT devices. Devices could communicate directly, update software, manage bugs, and monitor energy usage.
- Insurance. Blockchains are a new way to mange trust. They integrate real-world data with smart contracts. This technology is useful for any type of insurance that relies on real-world data. Aeternity is a company building blockchains useful in the insurance industry.
- Private transport and ridesharing. Blockchains can be used to create decentralized peer-to-peer ride-sharing apps without third party providers. Arcade City and La’Zooz are companies venturing in this space. This same use of blockchains can be used to automatically pay for parking, tolls, fuel and more. UBS, ZF and Innogy are new start up companies in this space.
- Cloud storage. Centralized servers are vulnerable to hacking, data loss, and human error. Blockchain technology allows cloud storage to be more secure and robust against attacks. Storj.io is a decentralized cloud storage company, and there are many more to come.
- Charity. Common complaints in the charity space include inefficiency and corruption. Blockchains can help donations to get where they’re going. Bitgive is an organization that lets donors see where their donations go.
- Voting. The blockchain will disrupt voting. The 2016 election is not the first time certain parties were accused of rigging election results. Blockchain technology can be used for voter registration, verification, and vote counting. This creates an immutable, publicly-viewable ledger of recorded votes that make elections more fair and democratic. Democracy.earth and Follow My Vote are companies entering this space.
- Government. Government systems are often slow, opaque, and prone to corruption. Implementing blockchain technology can reduce bureaucracy and increase security, efficiency, and transparency of governmental operations. Dubai is aiming to put all its government documents on a blockchain by 2020. Consensys is a company working on this.
- Public benefits. The public benefits system suffers from slowness and bureaucracy. Blockchain technology can help assess, verify, and distribute benefits securely. Govcoin is a UK based company helping the government to distribute public benefits using the blockchain.
- Healthcare. Another industry that relies on legacy systems is healthcare. Hospitals need a secure platform to store and share sensitive data. Blockchain technology can help hospitals safely store medical records and share them with the authorized doctors or patients. Gem and Tierion are two start ups working on disrupting the current healthcare data space.
- Energy management. Energy management has been a highly centralized industry for a long time. Energy producers and users cannot buy directly from each other and must go through the public grids. Transactivegrid is a company that uses the Ethereum blockchain and allows customers to buy and sell energy from each other in a decentralized way.
- Online music. Blockchain startups are coming up with ways for musicians and authors to get paid directly from their fans without paying huge fees to record companies and production studios. Smart contracts in blockchains solve licensing issues and catalog authors with their respective creations. Mycelia and Ujo Music are creating blockchain-based solutions in the music industry.
- Retail. When you shop you trust the retail system of the store or marketplace. Blockchain retail services will connect buyers and sellers without a middleman and associated fees. Companies like Amazon will be severely disrupted with blockchain technology. OpenBazaar and Obi are two companies disrupting the retail space.
- Real Estate. Issues in buying and selling real estate include bureaucracy, lack of transparency, fraud, and mistakes in public records. Blockchain technology can speed up transactions by reducing the need for paper-based record keeping. It can also help with tracking, verifying ownership, ensuring accuracy of documents, and transferring property deeds. Ubitquity is a blockchain-secured platform for real estate record-keeping.
- Crowdfunding has become a popular method of fundraising for new startups and projects, but the fees are high. In blockchain-based crowdfunding, trust is created through smart contracts and online reputation systems. New projects can release their own tokens that can later be exchanged for products, services, or cash.
The above is given to help understand the potential that blockchain technology has to offer. With the use of Common Wealth tokens, our goal is to help support the first fifty chapters. We will use the services of kapazz.com to assist with SEO management. Essentially, we will compete worldwide with the key phrase “business networking.” There is only one competitor at this level, BNI (Business Networking International). It is a franchise model running a top down centralized structure suffering from a legacy technology. It requires too much leadership training to maintain the hierarchy and with no return of value to the community. It is strictly scarcity driven and not built on true abundance.
Even though we have a proof of concept for the business networking side, upon completion of our ICO, we start our technology development and proof of stake, which is a simple business contact management system and a referral tracker.
We are looking at four existing blockchain technologies to build this application on to their platform, namely IOTA, EOS, and possibly Lisk. There is a fourth called QTUM that is also a potential partner. We will determine this later. As these platforms have just launched, we anticipate a six month window to choose the best horse in the race.
After the ICO crowd sale, and some time after, we will make our decision. We are more likely to choose the one best suited to our technology strengths, such as Python, Java, and Docker.
It is important to note that Local Common Wealth is fundamentally a community service media on a blockchain, a bold approach required to solve the challenges of organizing in a headless body and conserving business-to-business value in the community.
Here is our approach. Social networking technology is not a B2B service. Social networks like Facebook, Twitter, Instagram, and even Google, Yahoo, and Bing etc. do not serve the way businesses in local markets function. Communities are run by business connections tide to whole group connections, and then finally to individuals through those larger groups. Connect businesses to business groups first and you can build a strong intranet for the entire community. This is why we follow the money, meaning where business starts, at the point of referral, and we start there. By serving small businesses and networks of businesses, we can enter the larger consumer community.
Next comes the regular consumer. In Local Common Wealth communities we allow local users to manage their personal profile like they manage a professional profile in Linkedin, however this profile is connected to a local network of businesses. Essentially, businesses and local organizations will have the ability to communicate to specific profile data within targeted market areas, and the contact information of the user remains anonymous unless authorized by the user.
Most importantly, local businesses and local organizations are able to target market to local profiles and thus the marketing costs needed to reach those markets stay locally.
Here is how it works. We allow local users and whole groups in communities to monetize their profile data in exchange for Common Wealth crypto tokens, which are backed by consumer data and supported by small businesses. Most importantly, this later creates a reverse search potential for businesses while regenerating wealth back into the community. We call it consumer profile banking, empowering users and members to monetize their own consumer profile, and it begins within a visionary business networking organization.
Here is something important to understand. Lean startup practices do not consider scale at the launch of a new technology and so they tend to disregard value added potential. User traction and revenue without scale or without value added potential can be stuck in a single and narrow vertical, often consumer driven and unable to support a genuine B2B model, and this is risky. We chose to lower risk by creating a technology that can, down the road, move into many verticals in both B2B and B2C, and for our initial launch we have chosen a simple and yet proven vertical (referral tracking), to be used as a supporting technology in community service organizations, specifically business networking.
Again, our competitive space demanded that we approach the market with a platform technology that is not just another private member access point but can rise as a full community service media. This means, first a user contact management, then business contacts, and then referral tracking. This three-legged initial minimal viable product gives us a far more powerful support for growth and scalable potential.
Local common wealth is a Community Service Media, a combined local search and service intranet capable of multiple civic and business verticals and with a central focus of passing improving communication (better than Plaxo), referrals to members in a powerful networking model (better than BNI and so many organizations), and lastly conserving wealth inside networks and their respective communities, (the lost principle of strong network organizations).
Local common wealth disrupts advertising by empowering users to manage and monetize their own profile information bank. This will eventually disrupt search by letting businesses and local organizations search 24/7 for matching user profile data while maintaining user anonymity, a kind of reverse search from consumer-to-business to business-to-consumer. Consumers will finally be paid in crypto tokens for access to their consumer profile, but not their personal contact info.
Local common wealth continues perfecting hyper local analytics by serving whole group organizations with Local Common Wealth chapters. This becomes our first user base. After that chambers, alumni associations, clubs, groups, foundations, and even planning and city council participation, continually growing to incorporate a powerful local intranet that conserves wealth locally and regenerates commerce back into the community while giving constant overlap to create more and more connective power, and more connective voice, for both businesses and the community inside, a very powerful local intranet.
Eventually our own crypto token is backed by consumer information banking. Essentially, consumers get paid for collecting their data both manually and automatically. This data then becomes essential to the success of businesses in the community while at the same time it increases the value of the token at the same time. With a networking chapter already established as a user base, the next phase is getting twenty chapters launched in the next year. And here is the incentive for both.
First, Common Wealth chapters earn Common Wealth coin when more members use the platform to pass referrals and bank their own consumer data. While we encrypt their personal info (name, phone, email etc), all their consumer data is accessible to businesses to market to. When an advertisement comes, the consumer gets 50% of the ad, which comes in the form of Common Wealth coin. The other 40% goes to Local Common Wealth chapters. 10% or less stays with LCW.
For members in Local Common Wealth chapters, they get to send marketing promotions at a discount. For other businesses or non members, they can purchase ads delivered to the most accurate and the most timely hyper local analytics database ever created.
Users can then apply the Common Wealth token to local charities, clubs, groups, organizations, or they can exit on any of the exchanges for a fee, once they reach a par value of at least $10. We anticipate that most tokens in the system will circulate back into the community over and over, thus being the first model with greater widespread local adoption of blockchain technology with increasing exchange of the same token and not from fiat currency to token and back to fiat. If there is any exchange from token back to fiat, it must be made on one of the exchanges.
We believe in more widespread social mining, more widespread use, and potentially fewer tokens exiting the system. That's the real power of local commerce while at the same time allowing for outside buyers of the tokens to save for an exit on the exchanges that is positive.
The goal with crypto tokens is to not to create a store of value, which is what you see with Bitcoin. Instead, the goal of a crypto tokens is to recirculate value back into the community and to decentralize the theft of value currently being taken by private corporations outside the community.
For all practical purposes, the dollar is considered stable by most, but pegging to the dollar doesn’t help give us the freedom needed to accomplish the above. According to Daniel Larimer, the lead technologist of Steemit, and now a lead technologist for EOS, "a stable currency (defined as a constant standard of living) is undesirable. It is undesirable because we want the average individual to be able to “invest in the economy” simply by saving the money of the economy without having to take any risks.
If you make the currency a “constant purchasing power” then the average man ends up having to make investment decisions he is not qualified to make. This ultimately leads to the centralization of money management in brokers and other middle men. Centralization of money management has inefficiencies and moral hazards in abundance."
The only reliable approach is to have a system where there are many pegged assets to support the value of a crypto token. A basket of pegged assets is the key to a stable solution. Such would be consumer data, whole group data, B2B support, passing of referrals in local connections, and so much more. Essentially, the closer we tie a blockchain to real commerce and to real wealth conservation, the more value it becomes for all. The effect is a more valuable crypto token.
First Draft Version
Updated September 24, 2017